I've been using Hanamatsu P5587 photoreflectors, which are designed
for exactly this purpose. They include LED and sensor in a single
5-pin package and have a schmidt-trigger and amp built in, so they
provide a clean 0-5V signal you can generally use without further
conditioning. They're popular with robotics enthusiasts for making
wheel encoders, which is what I use them for. I've found them to be
pretty sensitive to the distance between sensor and target though, and
need to be within a few mm with a fairly true wheel to work reliably.
That's using laser a laser printed patter with stripes 3-4mm wide
though, larger stripes and reflective material eases the positioning
requirements quite a bit. Even so, a hamster wheel may be a bit too
wobbly for them. If you want to try them, they're available in small
quantities from robotics enthusiast stores,
www.acroname.com has them
for example. A search on the part name and 'robot' will find plenty of
examples and advice.
If you're not dead-set on an optical sensor, I think I prefer Phil
Allison's magnet and reed switch idea. Much less sensitive to
positioning and it won't stop working when the hamster flicks a bit of
sawdust on the sensor. Bicycle computers work this way, with a magnet
on the wheel and a reed switch on the frame.